DUNS, or Data Universal Numbering System, was created in 1963 as a credit reporting system by Dun and Bradstreet. It is used as an identifier for a single business entity.
Small business owners and service providers sometimes overlook the significance of having a Dun & Bradstreet (DUNS) number. When you want to start a business or apply for a loan or bank account, you would need a D-U-N-S Number.
But the question that most people have is: how to get a DUNS number?
In this post, we'll show you how to apply for a DUNS number and will also answer some of the most frequently asked questions about DUNS number.
What is DUNS Number?
A DUNS number or a D&B number is a unique nine-digit identification number provided to an individual business by Dun & Bradstreet, a global credit reporting organization.
The DUNS number identifies a single company, and this number stays with your company for the duration of its existence.
A DUNS number is created to determine a company's credit history or financial position.
Potential lenders and partners use it to obtain information about a company's finances to conduct business decisions.
It is used to keep track of the information of hundreds of millions of enterprises worldwide.
What is The Purpose of The DUNS Number?
The DUNS number (or the D&B number) is the first thing the IRS and other government agencies look for when doing a business or non-profit audit. When you register for your DUNS number, you create a corporate brand that is 100% yours with no misrepresentation or confusion.
Almost every firm will require a line of credit at some point, which is the primary purpose for obtaining a DUNS number.
Let's look at the critical benefit of having a DUNS number.
- It establishes a credit profile for your company. Maintaining creditworthiness entices other businesses, investors, and potential partners to work with you. It also gives you easier access to a credit or loan from financial institutions.
- It helps protect your personal creditworthiness. When you have a number solely tied to your business line of credit, you'll be able to maintain your personal and business credit separately. Keeping many business debts using your personal credit card can harm your personal credit.
- If you are looking to bid for government contracts or require a small business administration loan, the DUNS number is essential. Many contracting opportunities from local, state, or federal government agencies will necessitate using a DUNS number.
- Substantial creditworthiness helps to secure better terms with your vendors and suppliers. And stronger relationships with suppliers also give you the opportunity for longer trade terms and discounts.
- Applying for various certifications, sometimes requires the DUNS number. Though it's unnecessary, it can expedite the process by swiftly giving reliable information.
How to Get a DUNS Number?
Registering for duns number is an easy process and can either be completed online at the D&B website or through phone by calling a representative at (866) 705-5711. Once you've applied, you will get a call from a D&B representative to help you through the process.
Within 30 days of submitting your application, you'll obtain a free DUNS Number. If you need your number sooner, you can pay $229 for expedited delivery, and you will receive your number within three-five business days.
Before applying for a DUNS number for the business, you will need to keep note of two main points:
- Check if your company's DUNS number already exists in the DUNS database on the Dun & Bradstreet company search. If your firm is bought from another owner or someone has already applied for one, it can happen.
- Before you get a Dun and Bradstreet number, you'll need to make sure your company is legally constituted in terms of the company's business structure, such as LLC, C or S corporation, sole proprietorship within the state.
To obtain a DNS number, you will need the following details
- Legal business name
- Name of the company and its location
- Addresses- both physical and postal
- Owner's contact information
- Number of employees
- Business details- Whether you're running a small business from your home or a large corporation.
How Much Time Does it Take to Obtain a DUNS Number?
The time it takes to get a DUNS number is usually 30 days, although it varies depending on the delivery plan. Various 'D&B Credit file packages' are provided to receive a DUNS number while applying for a DUNS number through the site. You have a variety of credit file packages to choose from and request for duns number.
If you choose the 'Credit Signal Package,' you will receive your DNS number for free, which will arrive within 30 days. If you need the number sooner, you may choose expedited 5-day shipping, which would set you back roughly $229.
If you don't want to get into this hassle of applying for DUNS number and also want it faster, you can check out our DUNS service.
What Is the Cost of Obtaining a DUNS Number?
Obtaining a DUNS number is usually free unless you need to expedite the delivery procedure. If you require your number sooner than 30 days, D&B offers an accelerated process for $229.
How to Check if Your Business Already Has a DUNS Number?
Before applying, it's essential to do a DUNS number search. For Dun & Bradstreet number lookup, you can search for your company's DUNS number by visiting the D&B lookup page or calling (866) 705-5711 to ask for a representative. If it already exists in the system, you don't need to request a new number, and you can look for your credit profile by selecting your business name.
Is the DUNS Number The Same as The Tax ID Number?
Many business owners frequently confuse an EIN with a DUN number because they are nine-digit numbers that help identify a business. You can obtain both of them for free of cost.
Your federal tax ID (EIN) number is not the same as your DUNS number. A DUNS number is used for corporate credit reporting, whereas an EIN is a tax identification number provided by the IRS.
Unlike the DUNS number, which is the same throughout the entity's existence, the tax ID number is not consistent and is persistent to change over time.
The Bottom Line
We hope now you have a clear understanding of how to get a DUNS number.
Businesses use the DUNS number to create a unique entity identifier for financial transactions.
A corporation can benefit from a variety of features, including the ability to track financial data and streamline corporate procedures.
You can request a DUNS number over the phone or visit the Dun and Bradstreet website to register for a d&b duns number.
